Foreclosure Holds City Areas Under Siege

Foreclosures are holding city areas under siege. All the states in the US were buzzing with hyper foreclosure activity, ever witnessed in the history of real estates and mortgage business during the second quarter of the 2008. Of all the 50 states in the country, 48 of them had witnessed a rise in the foreclosure activity in some form or the other in this period. Apart from the forerunners, Nevada, California and Arizona, the states of Colorado and Ohio were following in.

Michigan bagged the fifth highest total among states, reporting 32,868 properties that filed foreclosure during the second quarter of 2008, and one in every 137 Michigan household had received a foreclosure filing, closing as the seventh highest state foreclosure rate in the country during the past three months. The states of Georgia, Massachusetts and Illinois were among the top ten states that had the highest foreclosure rate.

The foreclosure Market Report of the US for the second quarter of 2008 had drawn up by foreclosure rate, a list of the 100 largest metros that are floundering under the foreclosure crisis. The California cities of Stockton and Riverside-San Bernardino occupied the first and second positions respectively. As a matter of fact, 16 out of 20 metro foreclosure rates were from California and Florida. The metro areas of Las Vegas, Phoenix, Miami, San Diego and Detroit rank among the top 20 states with high rates of foreclosure, according to the list.

Las Vegas had the third highest metro foreclosure rate with foreclosure filings for the quarter at 21,742 properties and one in every 35 households receiving a foreclosure filing. The figures had hiked a good 25% from the first quarter and nearly 144% from the second quarter of 2007.

The metro area of Phoenix ranked seventh with one in every 51 households receiving a foreclosure filing in the second quarter; Detroit metro area ranked twelfth during the same period and one in every 66 households received a foreclosure filing and the metro area of Atlanta brought up the rear at No.20, filing foreclosure for one in every 91 households within the second quarter.

The city of Stockton was in for a shock when its foreclosure filings reported seven times the national average with one in every 25 households received a foreclosure filing in the second quarter and during the same period Riverside-San Bernardino filed foreclosure for one in every 32 city property. It exceeded five times the national average.